Asia-Pacific Insurance Developments
Across the Asia-Pacific region, several nations are making noteworthy adjustments and taking action related to their insurance sectors. Here’s a quick overview of the latest news:
Australia: The Financial Services Council (FSC) has expressed its approval of the country’s education reforms for financial advice. These reforms are designed to improve the standards and qualifications of financial advisors, ultimately benefiting consumers by ensuring more qualified advice.
Cambodia and Laos: Cambodia and Laos are working to strengthen insurance ties. This could involve collaborative efforts to expand insurance coverage and create opportunities for businesses in both nations within the insurance sector.
China: New guidelines for electric vehicle (EV) insurance have been introduced in China. These guidelines will likely shape the way EVs are insured, potentially impacting how insurance providers assess risk and determine premiums for these vehicles.
Indonesia: A planned mandatory motor third-party liability programme in Indonesia has been delayed. The program, intended to provide greater protection for those harmed in traffic accidents, will now be implemented later than originally scheduled.
Malaysia: The Malaysian Parliament has taken note of the growing hikes in insurance premiums. Public hearings will be held to address this issue and explore potential solutions. The government and Parliament are planning to hear concerns from the public, seeking feedback and possible solutions to mitigate the rising costs of insurance.
Thailand: The Thai government is assessing the possibility of increasing health insurance prices for migrant workers. This proposed change is aimed at addressing the financial burden of providing healthcare services to this population. Further details on the proposed price hike and its implications are expected to be released soon.
